{"id":447955,"date":"2022-05-16T20:51:02","date_gmt":"2022-05-16T17:51:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/larry-summers-defends-biden-from-bezos-attack-over-inflation\/"},"modified":"2022-05-16T20:51:02","modified_gmt":"2022-05-16T17:51:02","slug":"larry-summers-defends-biden-from-bezos-attack-over-inflation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/larry-summers-defends-biden-from-bezos-attack-over-inflation\/","title":{"rendered":"#Larry Summers defends Biden from Bezos attack over inflation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2404cf7782b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2404cf7782b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/larry-summers-defends-biden-from-bezos-attack-over-inflation\/#%E2%80%9CLarry_Summers_defends_Biden_from_Bezos_attack_over_inflation%E2%80%9D\" >&#8220;Larry Summers defends Biden from Bezos attack over inflation&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CLarry_Summers_defends_Biden_from_Bezos_attack_over_inflation%E2%80%9D\"><\/span>&#8220;Larry Summers defends Biden from Bezos attack over inflation&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Former Treasury Secretary Larry Summers defended the Biden administration Monday during its spat with Amazon founder Jeff Bezos \u2013 who has warred with the White House on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> after arguing that the president\u2019s policies contributed to inflation.<\/p>\n<p>Summers, who has been critical of the administration\u2019s handling of the inflation crisis on multiple occasions, nevertheless argued that Bezos was incorrect to dismiss Biden\u2019s claim that raising corporate taxes would lower inflation.<\/p>\n<p>\u201cI think @JeffBezos is mostly wrong in his recent attack on the @JoeBiden Admin,\u201d Summers tweeted. \u201cIt is perfectly reasonable to believe, as I do and @POTUS asserts, that we should raise taxes to reduce demand to contain inflation and that the increases should be as progressive as possible.\u201d<\/p>\n<p>\u201cI say this even though I have argued vigorously that excessively expansionary macro policy from the @federalreserve and the government have contributed to inflation,\u201d Summers added. \u201cI have rejected rhetoric about inflation caused by corporate gouging as preposterous.\u201d<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I say this even though I have argued vigorously that excessively expansionary macro policy from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/federalreserve?ref_src=twsrc%5Etfw\">@federalreserve<\/a> and the government have contributed to inflation. I have rejected rhetoric about inflation caused by corporate gouging as preposterous.<\/p>\n<p>\u2014 Lawrence H. Summers (@LHSummers) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/LHSummers\/status\/1526176955170795520?ref_src=twsrc%5Etfw\">May 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>Inflation remained near four-decade highs in April, surging to 8.3% even after the Federal Reserve began implementing its plan to cool the economy through interest rate hikes.<\/p>\n<p>The alarming data increased criticism of Biden from those who argue his vast social spending proposals would make the problem worse.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bezos-60.jpg?w=1024\" alt=\"Jeff Bezos\" class=\"wp-image-22286645\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bezos-60.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bezos-60.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bezos-60.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Jeff Bezos accused the Biden administration for contributing to the inflation crisis.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Bezos, one of the world\u2019s wealthiest individuals, launched a broadside at Biden last Friday, accusing the administration of \u201cmisdirection\u201d after the president\u2019s official account tweeted that making \u201cthe wealthiest corporations pay their fair share\u201d would bring down inflation.<\/p>\n<p>The Amazon founder expanded on his criticism while responding to a tweet in which Biden claimed to have lowered the federal deficit \u2013 an assertion that drew critical responses from fact checkers.<\/p>\n<p>\u201cIn fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves,\u201d Bezos tweeted. \u201cInflation is a regressive tax that most hurts the least affluent. Misdirection doesn\u2019t help the country.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-57.jpg?w=1024\" alt=\"Joe Biden\" class=\"wp-image-22286647\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-57.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-57.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-57.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Critics allege President Biden\u2019s policies have caused the inflation surge.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>The White House fired back in a statement, asserting \u201cit doesn\u2019t require a huge leap to figure out why\u201d\u00a0Bezos opposes Biden\u2019s plan to raise taxes on corporations and wealthy Americans.<\/p>\n<p>That response drew another sharp rebuke from Bezos, who accused the White House of more misdirection on the topic of inflation.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Look, a squirrel! This is the White House\u2019s statement about my recent tweets. They understandably want to muddy the topic. They know inflation hurts the neediest the most. But unions aren\u2019t causing inflation and neither are wealthy people.  Remember the Administration tried\u2026 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/GaMb3Kiu72\">pic.twitter.com\/GaMb3Kiu72<\/a><\/p>\n<p>\u2014 Jeff Bezos (@JeffBezos) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JeffBezos\/status\/1526239512958865409?ref_src=twsrc%5Etfw\">May 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>\u201cLook, a squirrel! This is the White House\u2019s statement about my recent tweets. They understandably want to muddy the topic,\u201d Bezos said.<\/p>\n<p>They know inflation hurts the neediest the most. But unions aren\u2019t causing inflation and neither are wealthy people. Remember the Administration tried their best to add another $3.5 TRILLION to federal spending. They failed, but if they had succeeded, inflation would be even higher than it is today, and inflation today is at a 40 year high,\u201d Bezos added.<\/p>\n<p>Summers, who was head of the National Economic Council during the Obama administration, defended the White House despite asserting last November that Biden was \u201cbehind the curve\u201d in combating inflation.<\/p>\n<p>Summers has also argued that a Biden-backed plan to lower inflation by cracking down on antitrust violations could cause the crisis to worsen rather than improve.\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/05\/16\/larry-summers-defends-biden-from-bezos-attack-over-inflation-crisis\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Larry Summers defends Biden from Bezos attack over inflation&#8221; Former Treasury Secretary Larry Summers defended the Biden administration Monday during its spat with Amazon founder Jeff Bezos \u2013 who has warred with the White House on Twitter after arguing that the president\u2019s policies contributed to inflation. Summers, who has been critical of the administration\u2019s handling&#8230;<\/p>\n","protected":false},"author":1,"featured_media":447958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/biden-bezos.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[129188,5069,70551,71631,991,88069],"class_list":["post-447955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-16-22","tag-economy","tag-inflation","tag-jeff-bezos","tag-joe-biden","tag-larry-summers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/447955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=447955"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/447955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/447958"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=447955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=447955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=447955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}